The price of Ethereum failed to gain strength over $ 122.00 and declined recently. ETH / USD currently holds the support of $ 106.50, which could play an important role.
- The price of Ethereum struggled to overcome the resistance from $ 121.00 and $ 122.00.
- ETH / USD is still facing an important bearish trend line with resistance to $ 117.00 on the 30-minute chart.
- The price must remain above the support area of $ 106.00 to rise higher in the short term.
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Price analysis of Ethereum
Yesterday we discussed some resistances near the levels of $ 120.00 and $ 123.00 for the price of Ethereum. Buyers struggled to break the levels of $ 120.00 and $ 122.00, resulting in a new decline.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair was clearly rejected near the $ 121.00 level. The sellers pushed the price below the $ 120.00 level and the 25 simple (30 minute) moving average.
During the decline, the price also broke the support of $ 115.00 and the 50% fiber retracement level of the last wave from the low of $ 102.95 to that of $ 123.54. He clarified the path for sellers to take control and price tested the $ 106.50 support area.
Protected buyers declined below $ 106.50 and afterwards the price recovered some points. He recently broke a contracting triangle model with resistance at $ 108.00 on the same chart.
Immediate resistance is the 23.6% retracement level of the recent decline from the low of $ 120.89 to $ 106.04 low. If there is a break above the $ 110.00 level, the price may rise towards the next main resistance at $ 115.00.
More importantly, there is a bearish trend line in place with resistance at $ 117.00 on the same chart. Therefore, an adequate closing above $ 117.00 and $ 120.00 is necessary for buyers to gain strength in the short term.
On the flip side, if Ethereum buyers fail to push the price over the resistance of $ 115.00, there may be a new decline in ETH / USD. On the downside, key support is $ 106.00, below which sellers could even push the price below $ 102.96 low.
Market data is provided by TradingView, Bitfinex.